Everything excellent has to come to an end! The Staples Center has been the home of the Los Angeles Lakers, Los Angeles Clippers, and Los Angeles Sparks since 1999. A new agreement, however, will put an end to this and change the name. The venue’s new name, according to The Los Angeles Times, will be Crypto.com Arena, which is an exchange that allows people to trade cryptocurrency on the open market. A pact between the Singapore cryptocurrency exchange and AEG, the arena’s owner and operator, will keep it in place for the next 20 years.
This deal was made possible thanks to a large investment from Crypto.com. According to reports, they paid over $700 million for the name rights. Kris Marszalek, the CEO of Crypto.com, came out about the deal, saying he hopes people see it as a sign of the times. “People will look back on this time in the next several years as the moment when crypto jumped the abyss into the mainstream,” Kris remarked over the phone.
“This is simply such a smart move from the folks at AEG,” Kris continued, “because the next decade belongs to crypto.” “And this puts L.A. in a good position.” According to reports, Crypto.com paid more than five times as much for the rights to L.A.’s arena as it had in the past. Kris, on the other hand, seems unconcerned about the substantial investment. “There’s not a shadow of question in my mind that it was worth it,” he said.
“My level of conviction is 100 percent.” The new logo for the arena will be unveiled on Christmas Day when the Lakers take on the Brooklyn Nets. By June 2022, all extant Staples Center signage will be replaced with new signage carrying the new name. Leave a comment below and tell us how you feel about the upcoming name change.